New Issue: Guala Closures sells €275 million seven-year notes to yield Euribor plus 537.5 bps

By Paul A. Harris

Portland, Ore., Nov. 8 - Guala Closures SpA priced a €275 million issue of seven-year senior secured floating-rate notes (B1/B/) at par to yield three-month Euribor plus 537.5 basis points on Thursday, according to a market source.

The spread came at the tight end of the Euribor plus 550 bps spread talk.

Joint bookrunner Credit Suisse will bill and deliver. Banca IMI, Natixis and UniCredit were also joint bookrunners.

The Alessandria, Italy-based manufacturer of closures for beverage containers plans to use the proceeds to repay bank debt.

Issuer:	Guala Closures SpA
Amount:	€275 million
Maturity:	Nov. 15, 2019
Securities:	Senior secured floating-rate notes
Bill and deliver:	Credit Suisse
Joint bookrunners:	Credit Suisse, Banca IMI, Natixis, UniCredit
Coupon:	Three-month Euribor plus 537.5 bps
Price:	Par
Yield:	Three-month Euribor plus 537.5 bps
Call features:	Callable on Nov. 15, 2013 at 101, par on and after Nov. 15, 2014
Trade date:	Nov. 8
Settlement date:	Nov. 13
Ratings:	Moody's: B1
	Standard & Poor's: B
Distribution:	Rule 144A and Regulation S for life
Price talk:	Euribor plus 550 bps
Marketing:	Brief roadshow

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